SCHEDULES
SCHEDULE 6 Valuation: special cases
F1Part 1Valuation of supplies of fuel for private use
Option for valuation on flat-rate basis
B1
1
The Treasury must, by order, make provision about the valuation of supplies on the flat-rate basis.
2
In particular, an order under this paragraph must—
a
set out a table (“the base valuation table”) by reference to which the value of supplies is to be determined until such time as the base valuation table is replaced under paragraph (b),
b
provide that at regular intervals—
i
the amounts specified in the base valuation table are to be revalorised by the Commissioners in accordance with the order, and
ii
a table (an “updated valuation table”) containing the revalorised amounts is to take effect (and replace any existing table) in accordance with the order, and
c
require the Commissioners to publish any updated valuation table before it takes effect, together with a statement specifying the date from which it has effect.
3
An order under this paragraph may provide for the base valuation table and any updated valuation table to be implemented or supplemented by either or both of the following—
a
rules set out in the order which explain how the value is to be determined by reference to any table;
b
notes set out in the order with respect to the interpretation or application of any table or any rules or notes.
4
Rules or notes may make different provision for different circumstances or cases.
Sch. 6 Pt. 1 inserted (with effect in accordance with Sch. 38 para. 7(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 38 para. 2